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A tax debt should not be taken lightly.
The Internal Revenue Service has several means available to enforce compliance and payments. Even during the pandemic not all tax debts enforcement activities are suspended. Collections activities are not suspended in cases where the statue of limitations will expire before July 15, 2020. The IRS could be lenient in certain cases. It should be noted that the suspension of collection activities does not stop interest from accumulating. The IRS, in fact, encourages taxpayers to borrow money to pay a tax due because their interest could be higher.
There are many ways to resolve a tax debt. One of the ways to settle an IRS debt is an Offer in Compromise.
An Offer in Compromise is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. It is not suitable for every taxpayer.
A taxpayer unique facts and circumstances are taken into account to qualify. The Internal Revenue Service will look at the ability to pay, income, expenses, and asset equity.
Regardless of your financial situation NEVER ignore an Internal Revenue Service tax debt and seek the advice of a tax professional who is qualified to represent you before the IRS. You might not be able to obtain a passport or travel when you owe the IRS over $50,000 because, under current law, enacted in 2015, this is information could be reported to the Department of State.
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